Singapore is undoubtedly one of the best countries to start a business in, especially in Southeast Asia.

This strategic country is enforced with reliable infrastructure, facilities, and high-quality workforce.

What's also great about it is that it is very open to foreigners aside from its local citizens.

So, if you are considering company setup in Singapore, then you have made a good decision.

Now, what you have to do before actually going for the company setup process is to prepare the requirements first.

Singapore Company Setup Requirements

There are basic requirements that you need to know and fulfill so that your company can get approved for business in Singapore.

For starters, you have to find a shareholder for your company. At the very least, you have to get one that have paid-up capital of at least S$1.

Next, you need to appoint a local director along with a secretary.

The local director must be either a Singapore citizen, a resident, or can also be a foreigner that has an employment pass. The minimum age is 18 with a record free of past crimes and bankruptcy history.

The secretary of the company, on the other hand, should be a native person with the right background in order to do their daily job in the position. The minimum age is also 18.

Don't forget that your company needs a name, one that is unique and easy to remember. Make sure that your company name is free of any copyright issues and inappropriate words in order to get successfully registered in Singapore.

Last but not least, you also have to find a physical address located in Singapore. This address can be commercial or residential, as long as it is not a post office box address.

Once all of those requirements are met and can be fulfilled, then you are ready for the step of company setup or incorporation itself.

Company Incorporation

The company incorporation in Singapore includes the step of name approval, de=ocument preparation, and the company setup step itself.

1. Name approval

Surely, you haven't forgotten about the company name that you have thought up in the step before, right? Now, this company name must be registered with the government first before you can proceed. As long as it meets all the requirements, you can rest assured and must wait for the approval. Usually, it only takes a very short time. Once your company name receives a green light, then you can proceed to prepare the documents that you need and register your company within 120 days.

2. Document preparation

There are documents that you need to prepare for Singapore company setup, which is company constitution, details of residential address, the IDs of company officers and shareholders, and signed consent to act for both secretary and a local director.

All the submitted documents need to be in English, so if they are originally in a different language, they need to be translated first.

3. Company setup

Once everything is ready, you can proceed to the company setup process. You will need to register your company with the ACRA of Singapore through its website portal.

There, you will find simple instructions for company setup that can be easily followed. The required time for company setup is usually quite short, from several days to weeks depending on how compliant you are with the requirements.

If you are looking for a company setup in Singapore, visit https://www.a1corp.com.sg/singapore-company-formation

Reference:

A1corp.com.sg - (Singapore company setup or formation)